Subscribe

Advertising Disclosure

Advertising Disclosure

Bank of America Customized Cash Rewards Credit Card Rating

 

Rewards Program (30 points)

  • Points, Miles, or Cash Back Rates (15 points): 13 points

    • The Bank of America Customized Cash Rewards card offers 3% cash back on a category of your choice (e.g., gas, online shopping, dining, travel), 2% cash back at grocery stores and wholesale clubs, and 1% cash back on all other purchases. While the 3% cash back on a chosen category is competitive, the card caps rewards at $2,500 in combined spending for the 3% and 2% categories each quarter. This puts it in the moderate earning rates range, as the potential for higher cash back is limited by the quarterly cap.

  • Redemption Flexibility (10 points): 6 points

    • You can redeem your cash rewards as a statement credit, direct deposit into a Bank of America account, or as contributions to eligible accounts such as Merrill investment accounts. However, the redemption options are somewhat limited in comparison to cards that offer travel or merchandise redemptions. Thus, it scores moderate points in this category.

  • Rewards Expiration and Transfer Options (5 points): 3 points

    • The cash rewards don’t expire as long as your account is open, but there are no transfer options to travel partners or other financial institutions. This brings it to a score of 3 points for expiration and transfer flexibility.

 

Total for Rewards Program: 22/30

 

Welcome Offer (20 points)

  • Value (15 points): 10 points

    • The Bank of America Customized Cash Rewards card offers a $200 welcome offer after spending $1,000 within the first 90 days. While this welcome offer is a decent value for a card with no annual fee, it’s not as competitive as cards offering welcome offers of $500 or more.

  • Ease of Earning (5 points): 5 points

    • The $1,000 spending threshold within 90 days is easily attainable for most cardholders, especially given the flexibility in choosing high-spending categories.

 

Total for Welcome Offer: 15/20

 

Fees (10 points)

  • Annual Fee (6 points): 6 points

    • This card has no annual fee, making it highly appealing for budget-conscious users.

  • Foreign Transaction Fees (4 points): 0 points

    • Unfortunately, the card charges a 3% foreign transaction fee, making it less suitable for international travelers.

 

Total for Fees: 6/10

 

APR and Financing Options (15 points)

  • Introductory APR (5 points): 5 points

    • The Bank of America Customized Cash Rewards card offers a 0% introductory APR for 15 months on both purchases and balance transfers, which is generous and longer than many competing cards.

  • Standard APR (5 points): 3 points

    • After the introductory period, the APR ranges from 17.99% to 27.99% depending on your creditworthiness, which places it in the moderate range.

  • Balance Transfer Options (5 points): 4 points

    • While the card offers balance transfers with a 0% introductory APR for 15 months, it also charges a 3% balance transfer fee. This is fairly standard but not the most competitive.

 

Total for APR and Financing Options: 12/15

 

Cardholder Benefits (15 points)

  • Travel Benefits (5 points): 1 point

    • The card provides minimal travel benefits, with no travel insurance, lounge access, or other high-end perks. Given its 3% foreign transaction fee, it’s clear this is not a travel-focused card.

  • Purchase Protection and Insurance (5 points): 3 points

    • The card includes purchase protection and extended warranty, but it lacks more comprehensive protections like return protection or price protection, earning a mid-tier score here.

  • Other Perks (5 points): 4 points

    • While the card doesn’t offer extensive perks, Bank of America Preferred Rewards members can boost their cash back by 25% to 75%, depending on their account balance. This feature adds significant value for loyal Bank of America customers, giving the card an above-average score for additional perks.

 

Total for Cardholder Benefits: 8/15

 

Subjective Prestige (10 points)

  • Perceived Status and Exclusivity (10 points): 0 points
    • The Bank of America Customized Cash Rewards card is a widely available, entry-level cash back card with no perceived prestige or exclusivity.

 

Total for Subjective Prestige: 2/10

 

Final Score: 65/100

 

Conclusion: Recommended with Reservations

 

The Bank of America Customized Cash Rewards card is an affordable, no-annual-fee option that delivers solid rewards for moderate spenders who can maximize the 3% and 2% cash back categories. However, its lack of travel benefits, foreign transaction fees, and limited redemption options make it less appealing for frequent travelers or those seeking more comprehensive perks. The card is ideal for everyday purchases and Bank of America customers who can benefit from the Preferred Rewards program, but it’s not the best choice for everyone, especially those seeking extensive rewards flexibility or international use.

Subscribe to the Credit Mileage Newsletter

Advertising Disclosure

At Credit Mileage, we believe smart credit management is one of the key cornerstones for sound personal finance. Using credit from an educated point of view so that you don’t accumulate debt while swiping to maximize and best utilize the points and rewards programs that different credit cards offer is at the heart of what Credit Mileage aims to educate consumers about.

That’s why we offer a wide array of educational and editorial content and credit card reviews so that you can choose the best card to achieve your goals, depending on which type of points/rewards programs you like.

When you apply for a credit card through our site and are approved, we may receive compensation from our partners, which can influence how and where certain products are featured.

Although we don’t include every credit card on the market, we thoroughly research and evaluate each card we feature. The content we produce is created without any input or oversight from credit card issuers, banks, or partners. For more details, please review our advertising policy and credit card evaluation framework.